The West of England P&I Club’s latest financial figures are another indication that protection and indemnity mutuals are starting to turn around two years of heavy underwriting losses.
The West’s combined ratio, which reflects the balance of premium income and claims costs, was 114% for the 2021 policy year.
Although the figure represents a loss, it is a big improvement on the 140% combined ratio the club reported in the previous year, which was one of the highest in the International Group of P&I Clubs.
